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Inflation increased every month under Tinubu with 33.95% record in May

Kehinde OGUNYALE  and  Harrison EDEH
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Inflation increased every month under Tinubu with 33.95% record in May

THE latest data from the National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate increased to 33.95 per cent as of May 2024. 

With this new rate, The ICIR findings, according to data available from 2003, showed President Bola Tinubu became the first president to increase the inflation rate consistently, every month, in his first year as president of the country. 

Tinubu assumed office in May 2023 when the inflation rate was at 22.41 per cent. In one year, the president increased the inflation rate by 11.54 per cent.

The inflationary spike, analysts said could be connected to several policies enacted by the president within his first year in office. Some of these include the removal of subsidies, naira devaluation in the currency market, and increment of tax and levies among others.  

“With his announcement of “no more subsidy” on May 29, 2023, the rollout of so-called palliatives was bungled, discontent and inflation accelerated and the government panicked and reversed subsidies in secret. Today reports indicate the fuel subsidies are back. Good policy bad implementation. While not implement subsidy removal in phases, not to suffocate Nigerians with high energy prices which is the major driver of inflation,” a development economist, Kalu Aja said.

Not long ago, the World Bank told the  Central Bank of Nigeria (CBN) that a continuous interest rate hike poses a risk to Nigeria’s economic growth and is not enough to curb rising inflation.

The global bank stressed that the CBN increasing rate measures might not address the inflation issue which has significantly challenged the country’s economy.

While giving further insight, NBS said that the headline inflation rate for May 2024 increased by 0.26 per cent against the 33.69 per cent reported in April 2024. The report stated that the inflation rate was driven majorly by Food & Non-Alcoholic Beverages and Housing, Water, Electricity, Gas, and other Fuel. 

In May 2024, the All-Items inflation rate on a Year-on-Year basis was highest in Bauchi (42.30 per cent), Kogi (39.38 per cent), and Oyo (37.73 per cent), while Borno (25.97 per cent), Benue (27.74 per cent) and Delta (28.67 per cent) recorded the slowest rise in headline inflation on a year-on-year basis. 

Index May 2023 May 2024
Inflation rate 22.41% 33.95%
Urban inflation 23.74% 36.34%
Rural inflation 21.19% 31.82%
Food inflation 24.82% 40.66%
Core inflation 19.83% 27.04%

Table showing inflation figures within a year under President Tinubu 

Food Inflation 

The Food inflation rate in May 2024 was 40.66 per cent which is 15.84 per cent higher compared to the rate recorded in May 2023 (24.82 per cent). 

The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items: Semovita, Oatflake, Yam flour prepackage, Garri, Bean, etc (which are under Bread and Cereals Class), Irish Potatoes, Yam, Water Yam, etc (under Potatoes, Yam and other Tubers Class), Palm Oil, Vegetable Oil, etc (under Oil and fat), Stockfish, Mudfish, Crayfish, etc (under Fish class), Beef Head, Chicken-live, Pork Head, Bush Meat, etc (under Meat class). 

In May 2024, food inflation on a year-on-year basis was highest in Kogi (46.32 per cent), Ekiti (44.94 per cent), Kwara (44.66 per cent), while Adamawa (31.72 per cent), Bauchi (34.35 per cent) and Borno (34.74 per cent), recorded the slowest rise in food inflation on a year-on-year basis. 

Eid: SSS, Police urge Nigerians to be security conscious

Bankole ABE
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Eid: SSS, Police urge Nigerians to be security conscious

THE State Security Service (SSS) and the Nigeria Police Force (NPF) have urged Nigerians to be security conscious and observe security protocols as they engage in religious and social activities during the Eid-el-Kabir celebration.

Both security outfits gave the directive in separate statements issued and obtained by The ICIR.

The Director of Public Relations and Strategic Communications Department of the service, Peter Afunanya in a statement on Saturday, June 15 titled, ‘Eid-el-Kabir: DSS cautions celebrants to be vigilant’ encouraged owners and users of shopping centres, parks, and train stations, among others, to make sure that all physical and other security measures necessary for public safety are strictly adhered to.

The Service urged citizens to promptly report suspected movements or breaches to appropriate law enforcement authorities.

Afunanya said the SSS would work with other law enforcement organizations to safeguard people and property throughout the festivities.

The SSS added that the website, dss.gov.ng; email address – dsspr@dss.gov.ng and Telephone lines +2349153391309;+2349088373514 will remain available to the members of the public who may wish to contact the Service during and after the holidays.

In a related development, the Federal Capital Territory (FCT) Police Command in anticipation of the Eid-el-Kabir celebration by the Muslim faithful, has deployed material and human resources at the Command’s disposal across the nooks and crannies of the Nation’s Capital.

This was disclosed by the Spokesperson of the Command Josephine Adeh, in a statement on Friday, June 14

Adeh said the deployment was to ensure that residents of the FCT enjoy a peaceful atmosphere before, during, and after the Eid celebration.

She added that the deployment includes police visibility and the presence of explosive ordinance device (EOD) experts and personnel at various prayer grounds, recreational centres, and event venues.

It also involves raids on identified black spots, uncompleted buildings, and shanties, as well as stop-and-search operations.

The Command informed residents about diversion points in the territory, including a diversion around the Eid ground by the airport interchange to Games Village and Jabi by the airport road into the main city.

The ICIR reported on Friday that the Federal Government declared Monday and Tuesday as public holidays to mark this year’s Eid-el-Kabir celebration.

Tinubu approves appointment for board members of tertiary institutions

Kehinde OGUNYALE
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Tinubu approves appointment for board members of tertiary institutions

President Bola Tinubu has approved the appointment of members into the governing councils and boards of federal government-owned tertiary institutions.

The appointment was disclosed in a statement signed by the Permanent Secretary, General Services office of the Secretary to the Government of the Federation (SGF) Nnamdi Mbaeri on Friday, June 14.

The appointment is coming a month after the Academic Staff Union of Universities (ASUU) threatened to embark on a nationwide strike over the federal government’s failure to meet its demands, one of which includes the reconstitution of the governing council and board for tertiary institutions. 

Following this threat, The ICIR reported that the federal government appointed 555 people to serve as pro-chancellors, chairmen, and members of governing boards of 111 federal universities, polytechnics, and Colleges of Education. 

Conversely, these appointments came under heavy criticism, which prompted President Tinubu to later order a review of the list, as he cited concerns about the lack of federal character in the nominations.

Commenting on the latest approval, Mbaeri, said that the approval was given for effective management of  Nigerian tertiary institutions across the country.

In the fresh list, Tinubu appointed Bisi Akande, former interim national chairman of the All Progressives Congress (APC), to chair the University of Ibadan’s governing council, and Wole Olanipekun, a senior advocate of Nigeria (SAN), as the chairman of the University of Lagos council.

Others are Isa Yuguda, a former governor of Bauchi, who will chair the National Open University’s governing council; Siyan Oyeweso as chairman of the Obafemi Awolowo University’s council; Adebayo Shittu for David Umahi University of Medicine in Ebonyi State; and Muiz Banire and Florence Ita Giwa, who have been appointed to lead the councils of the Federal University of Transportation in Katsina state and the Federal Polytechnic in Ugep, Cross River state, respectively.

Police rejects PSC constable recruitment list over alleged corruption

Bankole ABE
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Police rejects PSC constable recruitment list over alleged corruption

THE Nigeria Police Force (NPF) has rejected the list of Constables submitted by the Police Service Commission (PSC) over alleged corruption and irregularities in the ongoing 2022/23 Police Constables Recruitment Exercise.

This development was disclosed in a statement issued on Saturday, June 15, and signed by the force spokesperson, Muyiwa Adejobi.

The PSC recently released a list of 10,000 successful applicants for constable and specialist cadre roles in the NPF.

The Force dissociated itself from the recent list of successful candidates published by the PSC and called for a review.

According to the Police, the announcement became necessary upon being inundated with a series of complaints and allegations of corruption raised by unsuspecting candidates and stakeholders on the irregularities that marred the exercise especially the disappearance of the names of screened candidates who were successful in the last stage.

The NPF said upon scrutiny of the list released on the PSC portal, it discovered the following:

  • Several names of persons purported to be names of successful candidates are those who did not even apply and therefore did not take part in the recruitment exercise.
  • The published list contains several names of candidates who failed either the Computer Based Test (CBT) the physical screening exercise or both.
  • Some made it to the last stage of the exercise but were disqualified having been found medically unfit through the standardised medical test but they also made the list of successful candidates as published by the PSC.
  • Most worrisome is the allegation of financial dealings and corrupt practices leading to the outcome where unqualified and untrainable individuals have been shortlisted.

Adejobi added that the Inspector General of Police (IGP) had on June 10, 2024, written a letter of objection to the list addressed to the Chairman of the Commission, citing the discoveries listed above.

According to the Police, the reaction of the IGP was without prejudice to the power of the Commission to recruit for the police as ruled by the Supreme Court but this power does not include the power to recruit unqualified and untrained individuals for the police.

Adejobi noted that it is the Police that bears the brunt of the recruitment of unqualified individuals and not the PSC.

“The same people who recruited anyhow for the Police today will turn around to accuse the police tomorrow of inefficiency when their recruits start messing up.

“The Police therefore has since dissociated itself from the published list and called for a review that will be transparent and credible,” the NPF stated.

According to the Police, the PSC after the pronouncement of the Supreme Court ruling on the powers of the Commission to recruit on behalf of the Police, constituted a Joint Recruitment Board, to be headed by one of the Commissioners of the PSC, with the Deputy Inspector General of Police in charge of Training and Development in the Police Force as its Secretary.

“But surprisingly, the Board was crippled and never allowed to carry out its mandate, insomuch that even the final list was not consented to by the Board,” the statement added.

The NPF said it takes exception to the development and calls for a total review of the process to recruit qualified, competent, trainable, and productive hands into the Force.

House of Reps, NAFDAC agree to reverse ban on sachet alcohol

Kehinde OGUNYALE
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House of Reps, NAFDAC agree to reverse ban on sachet alcohol

THE House of Representatives and the National Agency for Food and Drug Administration and Control (NAFDAC) have jointly agreed to repeal the ban on the sale and consumption of alcoholic beverages packaged in sachets. 

The deputy spokesman for the House of Representatives, Philip Agbese, who made this disclosure yesterday, June 14, said the ban would be reintroduced when the country recovers from its current economic strain.

Agbese stated that the resolution to temporarily lift the ban was arrived at after a meeting between the House Committee and NAFDAC officials.

“We all agreed at the meeting that at a certain stage in history, we must move on with our counterparts across the globe. Nevertheless, at the moment, we agreed with NAFDAC that there would be a temporary lifting of the ban until the economy regains its strength.

“We had engagements with stakeholders, including NAFDAC and the organised private sector involved. Resolutions were reached at that meeting based on the submissions made by the stakeholders, civil society organisations, and other interested parties,” he added.

He disclosed that part of the recommendations before the parliament was the untimeliness of the ban given the current economic realities.

He further stressed that the five-year moratorium granted by NAFDAC to the private sector was hindered by the advent of COVID-19 and other economic realities which did not permit the operators in the industry to comply with agreed terms.

In February, The ICIR reported that NAFDAC had begun the implementation of its 2022 restrictions on manufacturing, distributing, and selling alcoholic beverages in sachets, PET, and glass bottles of 200ml and below.

The Director-General of NAFDAC, Mojisola Adeyeye, also stated that the agency stopped the registration of alcoholic beverages in sachets and small-volume PET and glass bottles below 200ml in 2022. 

Latest World Bank loan pushes Nigeria’s debt to over N162trn

Ehime ALEX
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Latest World Bank loan pushes Nigeria’s debt to over N162trn

NIGERIA’s public debt profile has further worsened to $110.48 billion, approximately N162.81 ‬trillion, following the approval of new sets of loans for the country by the World Bank.

In a statement on Thursday, June 13, the  World Bank disclosed that it has approved two significant financial operations aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.

“The World Bank has today approved two operations: $1.5 billion for the Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing Program and $750 million for the Nigeria Accelerating Resource Mobilisation Reforms Programme-for-Results.

“This combined $2.25 billion package provides immediate financial and technical support to Nigeria’s urgent efforts to stabilise the economy and scale up support to the poor and most economically at risk. It further supports Nigeria’s ambitious, multi-year effort to raise non-oil revenues and safeguard oil revenues to promote fiscal sustainability and provide sufficient resources to deliver quality public services,” the international fund stated.

The new loans would help Nigeria stabilise its economy and scale up support to the poor.

It also aims to enhance the country’s non-oil revenue generation and safeguard oil revenues, thereby promoting fiscal sustainability and enabling the delivery of quality public services.

According to the latest report by the Debt Management Office (DMO), Nigeria’s public debt profile stood at $108.23 billion or N97.34 trillion as of December 31, 2023.

The debt office highlighted that $42.495 billion or N38.22 trillion represents external debt and put $65.73 billion or N59.12 trillion as internal debt.

Of the external debt, the federal government owes $37.89 billion or N34.07 trillion, and the 36 states and Federal Capital Territory (FCT) $4.61 billion or N4.15 trillion.

Also, the federal government owes a large chunk of $59.22 billion or N53.26 trillion of the internal debt while the states and FCT $6.52 billion or N5.86 trillion.

The ICIR can report that the DMO computed the figures using an exchange rate of about N899.39 to one dollar which was the prevailing market rate at the time.

Putting the $110.48 billion figure in context in the current reality using the Central Bank’s Nigerian Foreign Exchange Market (NFEM) rate of N 1,473.65 as of June 11, it then means that Nigeria’s debt stock has worsened to N162.81 ‬trillion.

It also means that with Nigeria’s population at 216.78 million people, according to data from the National Bureau of Statistics (NBS), each Nigerian could be owing $509.64 or N751,037 of the country’s total debt stock.

The Minister of Finance, Wale Edun had at the spring meetings of the International Monetary Fund and the World Bank held in May hinted that the federal government was set to receive fresh loan funding from the World Bank, totaling $2.25bn

The loans approved by the board of directors of the World Bank, offer a 40-year term with a 10-year moratorium and a nominal one per cent interest rate.

There have been concerns about reckless spending and mismanagement of public funds as the government continues to mortgage the future of the country by borrowing more from local and international institutions.
In a recent analysis, The ICIR shows that Nigeria was losing over N16 billion in revenue daily from crude oil production amid government worries that its 2024 budgeted revenue is at risk should oil production remain below its budgetary provisions.

SEC warns Nigerians against high risk of investing in $Davido’s coin

Harrison EDEH
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SEC warns Nigerians against high risk of investing in $Davido’s coin

THE Nigeria Securities and Exchange Commission (SEC) has warned potential investors to avoid $Davido’s coin linked to Nigerian popular singer, David Adeleke popularly called Davido.

The SEC said investing in $Davido’s coin was risky because the meme coins lack fundamental value and are purely speculative.

A statement by SEC management on Friday, June 14 said it does not recognise the coin.

The statement reads: “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to a meme coin known as “$Davido” allegedly linked to the popular Nigerian singer, David Adedeji Adeleke popularly known as  Davido.

“Generally, meme coins are cryptocurrencies inspired by memes and internet jokes. They are often envisaged as fun, light-hearted cryptocurrencies promoted through a social media community and sometimes through celebrity endorsements.

According to SEC, meme coins are also not intended to serve as a medium of exchange accepted by the public as payment for goods and services, or as a digital representation of capital market products such as shares, debentures, units of collective investment schemes, derivatives contracts, commodities or other kinds of financial instruments or investments.

The commission warned the general public that meme coins lack fundamental value and are purely speculative.

“The general public is further WARNED that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk.

“Capital Market Operators are by this Notice warned not to associate with instruments outside the SEC’s regulatory purview. Such instruments should not be distributed or monitored through any capital market mechanism,” SEC warned further.

The Commission further stressed that it does not recognise $Davido as an investment product or investable asset class under its regulatory purview, as such individuals who patronise it, do so at their peril.

“The Commission will continue to monitor developments within the ecosystem and will not relent in deploying its regulatory powers as and when required,” it stated.

The $Davido token was launched on the Solana blockchain and was created using the popular Platform Pump Fun, which allows crypto users to create a token in a matter of minutes.

Crypto research tool Lookonchain reported that Davido received 7.5 SOL worth $1,275 as startup capital, which he used to create the $Davido token.

Despite the excitement and the rave created online by the launch of the $Davido tokens, the party was short-lived as the meme coin lost over 93 per cent of its value by the next day.

The SEC also called on the members of the public are to note that by virtue of the provisions of Section 38(1) of the Investments and Securities Act (ISA) 2007, only persons registered with the Commission can engage in capital market activities, thus making the actions of these entities listed above unlawful.

Minimum wage: lawmakers proposes penalties for non-compliant governors

Itoro ETUKUDO
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Minimum wage: lawmakers proposes penalties for non-compliant governors

THE chairman of the Senate Committee on Media and Publicity, Yemi Adaramodu, has said the National Assembly is putting in place a legislation that will compel all the 36 states in the country to pay to the new minimum wage to be approved soon by the federal government.

Adaramodu stated this during an interview with newsmen in Abuja, on Friday, June 14.

He said the Senate would pass the new minimum wage bill for the President to sign, and ensure strict adherence to its implementation.

“Once it becomes law, we are going to make it watertight, and don’t let us just speculate what is going to be the ingredients that the federal government would be putting into the bill that will be brought by the executive to be submitted to the National Assembly.

“When it comes, whatever is there and whatever is not there, we are going to ensure that it’s going to be watertight; that it’s going to be obeyed by all, he said.

Read also:

No agreement on N62,00 minimum wage, NLC tells FG

Accept sustainable minimum wage, FG urges labour

FG proposes N62,000 new minimum wage, labour pushes for N250, 000

He explained that when the executive bill arrives and is discussed at plenary, there would be various opinions, and the Senate would invite not only legislators but also organised labour to contribute to the law-making process, adding that the lawmakers would collectively decide on sanctions for non-compliance with the law.

When asked how quickly the National Assembly would pass the bill if presented by the President, Adaramodu said it would be passed as quickly as possible.

The Senate spokesperson stated that the bill would undergo thorough scrutiny and receive swift passage if the federal government and organised labour reached a consensus on the minimum wage figure, adding that if brought to the National Assembly by the President immediately after Sallah, it would be addressed with the speed of light and passed promptly for the benefit of Nigerian workers.

The ICIR reports that the federal government proposed N62,000 as the new minimum wage, a N2000 increase from the earlier N60,000.

However, the organised labour demanded a much higher minimum wage, pegging the earlier N615,000 to N250,000.

Meanwhile, the governors under the aegis of the Nigeria Governors Forum (NGF) had rejected the proposed N60,000 minimum wage for Nigerian workers.

The workers had on June 3 embarked on a nationwide strike, shutting down power, schools, airports, train stations, among others, in a bid to compel the federal government to approve an acceptable minimum wage for them.

The organised labour, led by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) reached a resolution with the government on the night of the first day of the strike and suspended the action the following day for a week.

The workers have threatened to resume the strike if the government pays anything less than the N250,000 they demanded.

Mining firm alleges unfair treatment by Nasarawa government

Ijeoma OPARA
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Mining firm alleges unfair treatment by Nasarawa government

AN indigenous mining firm in Nasarawa State, Timadix Geomin Consult Limited, has alleged that the state government was unfairly disrupting its operations despite possessing a valid licence.

According to a report, the firm’s managing director, Tim Eldon, disclosed this at a press briefing on Friday, June 14, and sought the federal government’s intervention on the issue.

“Having acquired exploration licences in 2022 and invested heavily in lithium exploration, the resource was discovered early in 2024, and suddenly some state and non-state actors developed an interest in acquiring the concession,” the firm said.

Eldon noted that the firm’s mining operations were shut down by the government and a Chinese company took over without prior information.

He called for the suspension of mining activities by the Chinese company and expressed concern that Indigenous institutions were treated unfairly in favour of foreign institutions.

“I want to say categorically that we at Timadix Geomin Consult have our exploration licence on this matter duly signed by the director-general of the Nigeria Mining Cadastral Office. We view this ugly development as a ploy to deny us our legitimate rights.

“Since we started our operations in this community, we have carried out quite a lot of social responsibility in line with the policy of our establishment. We have no problem with our host community,” Eldon said.

He appealed to the Minister of Solid Mineral Development, Dele Alake, to intervene in the dispute, adding that indigenous mining firms should be protected by the government.

The ICIR contacted Ibrahim Addra, the chief press secretary to the state Governor Abdullahi Sule over the allegations.

Addra told The ICIR that he had contacted the state’s Commissioner for Environment, Yakubu Kwanta, over the issue and there would be a response in the coming week, after the Sallah holidays.

Nasarawa is one of the states with large deposit of lithium in Nigeria.

The federal government commissioned the nation’s largest lithium processing plant in Nasarawa State in May.

During the commissioning, President Bola Tinubu said the plant could produce four thousand metric tonnes of lithium daily, and provide job opportunities for youths in the state.

Sallah: FG declares Monday, Tuesday public holidays

Itoro ETUKUDO
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Sallah: FG declares Monday, Tuesday public holidays

THE federal government has declared Monday, June 17 and Tuesday, June 18, as public holidays to mark Eid-al-Adha.

A statement by the permanent secretary of the Ministry of Interior, Aishetu Gogo Ndayako on Friday, June 14, said the Minister of Interior, Olubunmi Tunji-Ojo, announced the holiday on behalf of the Federal Government.

She noted that the minister congratulated the Muslim Ummah both at home and in the diaspora as they join other faithful worldwide to celebrate the feast.

Read also:

Sallah: Police ban durbar in Kano

Eid-al-Adha: Why we charged ‘excessive’ transport fares during Sallah — Drivers

Eid-el-Kabir: Nigerians having last Sallah under atmosphere of doom — PDP

 

The minister called on Muslims in the country to continue to imbibe the spirit of peace, kindness and sacrifice, as exemplified by Prophet Ibrahim and to also use the period to pray for unity, prosperity and stability in Nigeria.

“The minister assured that the administration of President Bola Ahmed Tinubu (GCFR) is committed to safeguarding the lives and property of all Nigerians.

“While wishing the Muslim ummah a happy Eid-ul- Adha celebration, the minister advised all Nigerians to take responsibility in the resolve to hand over a prosperous Nigeria to our children”, the statement added.

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